FORTUNE -- Applications for U.S. home mortgages rose last week as interest rates dropped slightly, an industry group said Wednesday.
The average number of overall mortgage applications increased by 3.6% last week from the previous week, driven partly by borrowers looking to refinance, according to data from the Mortgage Bankers Association.
Purchase applications rose slightly last week by almost 1%, unadjusted, but were 12% lower from a year ago.
Interest rates declined for most types of loans. The average rate for 30-year and 15-year, fixed-rate mortgages, including those backed by the Federal Housing Administration, fell to their lowest level since November. Here's a look at the cost of home loans, all changes are from the week prior:
- 30-year, fixed-rate mortgages fell to 4.39% from 4.43%
- Jumbo-loan rates for a 30-year, fixed-rate mortgage was unchanged at 4.29%
- FHA-backed 30-year, fixed-rate mortgages dropped to 4.09% from 4.13%
- 15-year, fixed-rate mortgages slid to 3.48% from 3.52%